Yara makes changes to executive management team

OSLO, NORWAY: Yara International ASA announced the following changes to its organizational structure and corporate management, with immediate effect.

Petter Ostbo will take up the position of executive vice president (EVP) and chief financial officer (CFO). Ostbo currently serves as EVP production.

Torgeir Kvidal will take up the position of head of mining operations, reporting to EVP Production. He is currently EVP, chief financial officer.

Tove Andersen will take up the position of EVP Production. Andersen currently serves as EVP supply chain. Pablo Barrera Lopez, currently country manager Yara Chile, will take up the position of EVP supply chain.

Corporate innovation will be moved to industrial and report to EVP industrial, Yves Bonte. Consequently, Pierre Herben will no longer be part of the executive management team.

Alvin Rosvoll will continue to be responsible for our partner operations and will from now on report to EVP people & global functions, Lene Trollnes.

The above changes will take effect immediately, except for Tove Andersen and Pablo Barrera Lopez who will take up their new positions on 1 April. Petter Ostbo will continue as EVP production until 1 April, in addition to his new role as CFO.

Following these changes, the executive management team of Yara will be as follows:

Svein Tore Holsether, president and CEO

Tove Andersen, EVP production

Yves Bonte, EVP industrial

Lair Hanzen, EVP Yara Brazil

Pablo Barrera Lopez, EVP supply chain

Terje Knutsen, EVP crop nutrition

Kristine Ryssdal, EVP general counsel

Terje M. Tollefsen, EVP strategy & business development

Lene Trollnes, EVP people & global functions

Petter Ostbo, EVP chief financial officer

"Yara has developed well despite challenging market conditions, improving our internal operations and strengthening our platform for further growth. It is now time to simplify our organization, to be even more agile and responsive in a time marked by both big challenges and immense opportunities" said Svein Tore Holsether, president and chief executive officer of Yara.

"The changes we make today will strengthen our ability to deliver on our strategy - meeting global challenges with value-creating business opportunities. I would like to express my gratitude to the colleagues who now leave the management team for their considerable efforts and dedication to Yara," added Holsether.